Systems and methods for electronic account certification and enhanced credit reporting

ABSTRACT

Systems and methods are provided for electronically certifying financial account data and providing enhanced credit reporting capabilities. The systems and methods may include electronically receiving a certification request from a requesting computer, wherein the request is associated with a financial account requiring certification, collecting financial data from at least one financial data provider, where the financial data provider is associated with at least one financial account requiring certification.

PRIORITY

This application claims priority to U.S. patent application Ser. No.12/211,599, filed on Sep. 16, 2008, entitled “Method and System ForElectronic Account Certification and Enhanced Credit Reporting,” U.S.Provisional Patent Application No. 61/008,997, filed on Dec. 26, 2007,entitled “Method and system to confirm account balance information withfinancial institutions electronically” and to U.S. Provisional PatentApplication No. 61/079,761, filed on Jul. 10, 2008, entitled “Method andsystem of verifying assets and enhanced credit reporting.” All threeapplications are incorporated by reference herein in their entirety.

RELATED APPLICATIONS

This application claims priority to U.S. patent application Ser. No.12/211,599, filed on Sep. 16, 2008, entitled “Method and System ForElectronic Account Certification and Enhanced Credit Reporting,” U.S.Provisional Patent Application No. 61/008,997, filed on Dec. 26, 2007,entitled “Method and system to confirm account balance information withfinancial institutions electronically” and to U.S. Provisional PatentApplication No. 61/079,761, filed on Jul. 10, 2008, entitled “Method andsystem of verifying assets and enhanced credit reporting.” All threedisclosures are incorporated by reference herein in their entirety.

BACKGROUND

This disclosure relate generally to credit lending, credit reporting,credit authorization, and financial account analysis and moreparticularly, to systems and methods for electronically certifying andreporting financial data.

BRIEF DESCRIPTION OF THE DRAWINGS

The foregoing and other aspects of the invention will next be describedwith reference to the attached drawing figures, in which:

FIG. 1A is a block diagram illustrating one illustrative embodiment in arequester requests information and receives the information.

FIG. 1B is a block diagram illustrating one example of real-timeelectronic account certification with total financial reporting andglobal data download;

FIG. 2 illustrates one example of interactions between various devices,computing systems, and user entities in network environments;

FIGS. 3A-3B provide block diagrams illustrating one example of globaldata download and real-time data mapping of downloaded data, accordingto an embodiment of the invention;

FIGS. 4A-4B provide block diagrams illustrating one example ofcomponents and modules of a system that electronically certifies andreports financial data, according to an embodiment of the invention;

FIG. 5 provides an example method for program rule setup, dataretrieval, and electronic account certification and reporting, accordingto an embodiment of the invention;

FIG. 6 is a flow diagram illustrating one example method of continuouslyupdating one or more reports as a function of receiving additional orupdated financial data, according to an embodiment of the invention;

FIGS. 7A-7E provide example flow diagrams illustrating one examplemethod of continuously classifying and certifying financial data,according to an embodiment of the invention;

FIG. 8 is a flow diagram illustrating one example method of totalfinancial reporting as a function of receiving electronically certifiedfinancial data, according to an embodiment of the invention;

FIGS. 9A-9G provide example user interface screens illustrating oneexample of electronically communicated information by a system enablingelectronic account certification and reporting, according to anembodiment of the invention; and

FIGS. 10A-10B are flow diagrams illustrating examples of thecertification system used in credit reporting and authorizationenvironments.

DETAILED DESCRIPTION

In the discussion set forth below, for purposes of explanation, specificdetails are set forth in order to provide a thorough understanding ofthe invention. Systems as disclosed may be practiced without thesespecific details. In particular, systems described herein can beimplemented in devices, systems and software other than examples setforth. In other instances, conventional or otherwise well-knownstructures, devices, methods and techniques are referred toschematically or shown in block diagram form in order to facilitatedescription of systems of the invention.

Systems may include steps that may be embodied in machine-executablesoftware instructions, and may include method steps implemented as aresult of one or more processors executing one or more instructions. Inother embodiments, hardware elements may be employed in place of, or incombination with, software instructions to implement the systems.

Overview

FIG. 1A is a simplified flow diagram depicting one illustrativeembodiment. As shown, the process may begin when a request is receivedfor financial data about an individual, which may be a person (e.g. acustomer), business or other entity. Financial sources or institutionsare queried electronically for raw data about the individual. The datafrom the financial sources may have an application-specific datastructure. Algorithms or algorithm engines (e.g. a rules or patternmatching rules) are applied to detect exceptions (pieces of data thatappear to be erroneous or indicate unusual risk). Such exceptions may beas simple as detecting unusual patterns of direct deposits. Exceptionsare discovered by the algorithm, and if possible corrected, by furtherquerying of financial institutions. When exceptions are discovered,further inquiries can be made to financial sources, with permission ofthe individual, to obtain additional information to support or rejectthe exception. Algorithms can be applied to the additional informationto draw conclusions about financial behavior and risk of the individual.A report can be constructed in the desired format and delivered to therequester. The details of this embodiment are described in detailherein.

One exemplary embodiment includes a computer-implemented method forproviding certified financial data indicating financial risk about anindividual having the steps of:

-   -   (a) receiving a request for the certified financial data;    -   (b) electronically collecting financial account data about the        individual from at least one financial source,    -   (c) transforming the financial account data into a desired        format;    -   (d) validating the financial account data by applying an        algorithm engine to the financial account data to identify        exceptions, wherein the exceptions indicate incorrect data or        financial risk;    -   (e) confirming the exceptions by collecting additional data and        applying the algorithm engine to the additional data, marking        the exceptions as valid exceptions when output of the algorithm        engine validates the exceptions; and    -   (g) generating a report from the financial data and the valid        exceptions.

In this example, financial account data can include at least one ofreal-time transaction data, real time balance data, historicaltransaction data, or historical balance data; and the algorithm engineidentifies a pattern of financial risk or financially risky behavior.The pattern of risk can be selected from the group consisting ofnot-sufficient funds instances, direct deposit irregularities, deposittransactions, transaction velocity, purchase history, overdraftpatterns, and combinations thereof. The individual may be business,organization, partnership, or other entity.

In a specific embodiment, the algorithm engine can be programmed withknowledge of patterns of risk of financial risk. The algorithm enginecan also programmed to know additional information regarding proprietarystrategies to detect exceptions, including but not limited to, forexample, strategies to detect not-sufficient funds instances, directdeposit irregularities, deposit transactions, transaction velocity,purchase history, overdraft patterns. Using knowledge of financial riskor risky behaviors that have been programmed, the algorithm engine canidentify exceptions.

Referring now to FIG. 1B, there is shown one example system ofelectronic account certification 100. The certification system 102 mayfeature one or more subsystems, such as electronic account certificationsubsystems 112 (“EAC”) coupled with total financial reporting subsystems116 (“TFR”) and global data download subsystems 110 (“GDD”). Ultimately,a credit lender may want a customer's assets, liabilities, income, andexpenses electronically analyzed and certified in real-time so thatfinancial worthiness can be “determined” before responding to credit orloan applications that may be submitted to underwriters and secondarymarkets or to other various national, state and local government andregulatory bodies throughout the world. Additionally, a credit seekermay want asset and liability accounts electronically analyzed andcertified in real-time so that financial worthiness can be “proved” andsubmitted to electronic (“EAC”) systems that may electronically providecredit seekers access to credit lenders. In one example embodiment,credit seekers which provide (“EAC”) systems total real-time access tofinancial data may receive lower interest rates and/or better creditterms from credit lender.

(“EAC”) enables this by synthesizing financial data about consumers fromone or more sources: 1) system users 104; 2) import sources fromrequesting and receiving systems 106; and 3) information already stored114, whatever the original source. Additionally, through (“GDD”) 110,data may be imported over communications networks electronicallyseamlessly from a variety of financial data providers 108 such as banks,credit reporting agencies, brokerages, mortgage lenders, governments andthe like, and from financial management software. Electronicallyobtained information may be electronically processed by (“EAC”) 112 andelectronically output as processed data 114. Processed data 114 may beelectronically used by (“TFR”) 116 to generate a plurality of real-timerisk and financial reports which may be used to provide real-timeaccount certification and more complete and current information tocredit reporting systems.

System Architecture

Computerized systems and software exist in a variety of forms, andsystems of the invention may be implemented in such variety. Systems mayrun on enterprise mainframe environments, servers, and individuals'desktop computers. Systems may be accessed via the World Wide Web or anytype of communications network. In this context, users may visit a website and request electronic account certification and total financialreporting. Example embodiments may provide means in which systems of theinvention may charge a fee to system users based on any customizedpricing strategy, such as charging fees for financial transparency orfees as a percentage of credit interest rate discounts, for example.Additionally, systems of the invention can be implemented in wirelesscommunication devices, swipe cards, key pads, digital tags, mobilewallets or any other type of device having ability to communicate withany type of financial system.

Further, particular examples discussed herein may relate to electronicaccount certifications and total financial reporting systems involvingfinancial accounts at financial institutions. However, systems andmethods described herein may be applied to any type of system. Forexample, income and employment verification systems may access systemsof the invention to provide enhanced information not currently availablefrom income and employment verification services. Similarly, creditreporting and credit authorization systems may access systems of theinvention to provide merchants and other users of conventional creditreports enhanced products and services designed to increase financialtransparency of customers. Moreover, personal financial managementsoftware and sites may integrate systems of the invention to provideelectronic account certification. Thus, systems and methods describedherein may be applied to several different systems instead of systemsdiscussed in examples provided herein.

FIG. 2 illustrates a system 200 that allows a system to request andreceive certification and reporting of financial account data or toelectronic match credit interests of credit seekers and credit lendersas a function of the certification reporting. In particular, the system200 may include at least one requesting/receiving system 202, at leastone certification system 204, and at least one financial data provider208, which are each configured for accessing and reading associatedcomputer-readable media having stored thereon data and/orcomputer-executable instructions for implementing the various methods ofthe invention. Generally, the financial data providers 208 may providefinancial data for one or more financial accounts requiringcertification. According to one embodiment of the invention, thefinancial data providers 208 may be associated with a financialinstitution (“FI”), which may generally include any third-party systemstoring financial data such as banks, brokerages, credit bureaus,financial aggregators, personal financial management software, mortgagecompanies, Governmental Agencies, and the like. According to anotherembodiment of the invention, the financial data providers 208 may alsoinclude providers of non-financial data such as identity data. Accordingto yet another embodiment of the invention, the financial data providers208 may be the requesting/receiving system 202.

Generally, network devices and systems, including one or morerequesting/receiving systems 202, certification systems 204, andfinancial data sources 208 have hardware and/or software fortransmitting and receiving data and/or computer-executable instructionsover a communications link and a memory for storing data and/orcomputer-executable instructions. These network devices and systems mayalso include a processor for processing data and executingcomputer-executable instructions, as well as other internal andperipheral components that are well known in the art. As used herein,the term “computer-readable medium” describes any form of memory or apropagated signal transmission medium. Propagated signals representingdata and computer-executable instructions are transferred betweennetwork devices and systems.

Still referring to FIG. 2, a requesting/receiving system 202 may be incommunication with the certification system 204 via a network 210, whichas described below can include one or more private and public networks,including the Internet. Likewise, the certification system 204 may alsobe in communication with a financial data provider 208 via the network210. According to an embodiment of the invention, therequesting/receiving system 202, the certification system 204, and thefinancial data provider 208 may be in direct communication with eachother. Each of these components—the requesting/receiving system 202, thecertification system 204, the financial data provider 208, and thenetwork 210—will now be discussed in turn below.

First, the requesting/receiving system 202 may be any processor-drivendevice, such as a personal computer, laptop computer, handheld computer,and the like. In addition to having a processor 220, therequesting/receiving system 202 may further include a memory 212,input/output (“I/O”) interface(s) 214, and a network interface 216. Thememory 212 may store data files 218 and various program modules, such asan operating system (“OS”) 220, a database management system 218(“DBMS”), and a communications module 222. The communications module 222may be an Internet browser or other software, including a dedicatedprogram, for interacting with the certification system 204. For example,a user such as a customer 206, credit bureau, financial institution ormortgage company, may utilize the communications module 222 inrequesting electronic account certification reports or order thecertification system 204 to process credit interest matches. Therequesting/receiving system 202 may also utilize the communicationsmodule 222 to retrieve or otherwise receive data from the certificationsystem 204, including application or availability of a electronicaccount certification, total financial report or credit interest match,as described herein, for the certification and reporting request.

Still referring to the requesting/receiving system 202, the (“I/O”)interface(s) 214 facilitate communication between the processor 210 andvarious (“I/O”) devices, such as a keyboard, mouse, printer, microphone,speaker, monitor, bar code readers/scanners, RFID readers, and the like.The network interface 216 may take any of a number of forms, such as anetwork interface card, a modem, a wireless network card, and the like.These and other components of the requesting/receiving system 202 willbe apparent to those of ordinary skill in the art and are therefore notdiscussed in more detail herein.

Similar to the requesting/receiving system 202, the certification system204 may include any processor-driven device that is configured forreceiving, processing, and fulfilling requests from therequesting/receiving system 202 related to financial accountcertification and reporting and credit interest matching, describedherein. The certification system 204 may therefore include a processor226, a memory 228, input/output (“I/O”) interface(s) 230, and a networkinterface 232. The memory 228 may store data files 234 and variousprogram modules, such as an operating system (“OS”) 236, a databasemanagement system (“DBMS”) 238, and the communications module 240.According to an embodiment of the invention, the data files 234 maystore history records or tables associated with one or more electronicaccount certifications. The data files 234 may also store routing tablesfor determining the subsequent transmission of electronic accountcertification reports. For example, these routing tables may determinethat particular certification requests are associated with certainfinancial institutions, and therefore specify a particular financialdata provider 208 to request financial account data from. Thecommunications module 240 initiates, receives, processes, and respondsto requests from the respective communications module 222 ofrequesting/receiving system 202, and further initiates, receives,processes, and responds to requests from the respective communicationsmodules 272 of the financial data provider 208. The certification system204 may include additional program modules for performing otherpre-processing or post-processing methods described herein. Those ofordinary skill in the art will appreciate that the certification system204 may include alternate and/or additional components, hardware orsoftware.

As illustrated in FIG. 2, the certification system 204 may include or bein communication with at least one data storage device 242, ordatabases. If the certification system 204 includes the data storagedevice 242, then the data storage device 242 could also be part of thememory 228. The data storage device 242 and/or memory 228 may store, forexample, program rules and transaction records (e.g., history records)and/or financial account access information (e.g., account numbers,login id, passwords, security questions, etc.) associated with theaccount certification requests and credit interest matches. Although asingle data storage device 242 is referred to herein for simplicity,those skilled in the art will appreciate that multiple physical and/orlogical data storage devices or databases may be used to store the abovementioned data. For security and performance purposes, the certificationsystem 204 may have a dedicated connection to the data storage device242. However, the certification system 204 may also communicate with thedata storage device 242 via a network 210, as shown. In otherembodiments of the invention, the certification system 204 may includethe data storage device 242 locally. The certification system 204 mayalso otherwise be part of a distributed or redundant database managementsystem (“DBMS”).

Similarly, the financial data provider 208 may include anyprocessor-driven device that is configured for receiving, processing,and fulfilling requests from the certification system 204 related to therequests for electronic account certification reporting. The financialdata provider 208 may therefore include a processor 258, a memory 260,input/output (“I/O”) interface(s) 262, and a network interface 264. Thememory 260 may store data files 266 and various program modules, such asan operating system (“OS”) 268, a database management system (“DBMS”)270, and the communications module 272. The host module 272 initiates,receives, processes, and responds to requests from communications module240 of the certification system 204. The financial data provider 208 mayinclude additional program modules for performing other pre-processingor post-processing methods described herein. Those of ordinary skill inthe art will appreciate that the financial data provider 208 may includealternate and/or additional components, hardware or software.

The network 210 may include any telecommunication and/or data network,whether public, private, or a combination thereof, including a localarea network, a wide area network, an intranet, an internet, theInternet, intermediate hand-held data transfer devices, and/or anycombination thereof and may be wired and/or wireless. The network 210may also allow for real-time, off-line, and/or batch transactions to betransmitted between the requesting/receiving system 202 and thecertification system 204. Due to network connectivity, variousmethodologies as described herein may be practiced in the context ofdistributed computing environments. Although the requesting/receivingsystem 202 is shown for simplicity as being in communication with thecertification system 204 via one intervening network 210, it is to beunderstood that any other network configuration is possible. Forexample, intervening network 210 may include a plurality of networks,each with devices such as gateways and routers for providingconnectivity between or among networks 210. Instead of or in addition toa network 210, dedicated communication links may be used to connect thevarious devices of the invention. According to an embodiment of theinvention, the network 210 may comprise one or more of an electronicfunds transfer (“EFT”) network, an automated clearing house (“ACH”)network, an open financial exchange (“OFX”) network, a society forworldwide interbank financial exchange (“SWIFT”) network, a credit cardnetwork, a proprietary bank network, a proprietary credit network, or aproprietary credit authorization network.

Aspects of the electronic account certification and reporting methodsdescribed herein may be implemented as functionality programmed into anyof a variety of circuitry, including programmable logic devices(“PLDs”), such as field programmable gate arrays (“FPGAs”), programmablearray logic (“PAL”) devices, electrically programmable logic and memorydevices and standard cell-based devices, as well as application specificintegrated circuits. Some other possibilities for implementing aspectsof the application integration method include: microcontrollers withmemory (such as EEPROM), embedded microprocessors, firmware, software,etc. Furthermore, aspects of the described method may be embodied inmicroprocessors having software-based circuit emulation, discrete logic(sequential and combinatorial), custom devices, fuzzy (neural) logic,quantum devices, and hybrids of any of the above device types. Theunderlying device technologies may be provided in a variety of componenttypes, e.g., metal-oxide semiconductor field-effect transistor(“MOSFET”) technologies like complementary metal-oxide semiconductor(“CMOS”), bipolar technologies like emitter-coupled logic (“ECL”),polymer technologies (e.g., silicon-conjugated polymer andmetal-conjugated polymer-metal structures), mixed analog and digital,and so on.

Those of ordinary skill in the art will appreciate that the system 200shown in and described with respect to FIG. 2 is provided by way ofexample only. Numerous other operating environments, systemarchitectures, and device configurations are possible. Accordingly, theinvention should not be construed as being limited to any particularoperating environment, system architecture, or device configuration.

Information received by the certification system 204 from customers 206,requesting systems 202 and financial data providers 208 may include aplurality of data elements and may be individual customer and/orbusinesses related data, financial and non-financial data, historicaland real-time data, or other information that would be considered foruse by credit lenders or financial accountants. Systems described hereincan be used with any type of account. Example asset accounts may includechecking accounts, money market accounts, CDs, mutual funds, stocks(equities), bonds, and other alternative investments. Example debtaccounts may include mortgage accounts, home equity loans, credit cardaccounts, personal loans, margin accounts, overdraft protection, andother types of loans. Example additional accounts include tax data,personal financial management software data, or accounting softwaredata, for example.

Global Data Download

Referring now to FIG. 3A, there is shown a block diagram of one exampleembodiment of certification system components 300. The system 300 mayinclude the certification system 308, user data 310, stored data 320 andglobal data download subsystem 312, further coupled to source databases318. Also depicted for illustrative purposes are requesting/receivingsystems 306 and financial data providers 316. The operation of andinterrelationship of certification system 308 coupled to global datadownload engines 314 are described in greater detail below as part of adiscussion of data download and mapping functions.

There are many ways in which systems of the invention can receivefinancial data. For example, in one example embodiment,requesting/receiving system users 306 may provide the system 300 listsof financial institutions with which the user has relationships, and thesystem may retrieve information directly from the financial dataproviders 316. In another example embodiment, requesting/receivingsystem users 306 may select financial institutions from lists providedby the system 300. In other example embodiments, systems of theinvention may electronically import information about therequesting/receiving system users 306, such as social security number(SSN), or unique identifying information about financial data providers316, such as account number or employer identification number (EIN), orsuch other equivalent identifiers as may be appropriate for differenttypes of financial institutions. Systems of the invention may determinewhether financial data providers 316 associated with identifyinginformation are able to provide data related to the request from systemusers 306. If so, then systems of the invention may retrieve, analyze,certify, and report that historical and real-time data and use it totransmit electronic account certifications and electronic authorize andoptimize credit and loans.

Overview

Systems of the invention may incorporate user interview processes tocollect information, but is not required because (“GDD”) 312 enableselectronic download of data with minimal user inputs. For example,requesting/receiving systems 306 may electronically transmit requiredinformation to certification system 308 which may initiate electronic(“GDD”) 312. When used, interview processes may incorporate userinterface (UI) components for interacting with systems of the invention.In one example embodiment, systems of the invention may be implementedin desktop software, and UI of interview processes may be displayed whensoftware is started. In another example embodiment, systems of theinvention may exist as part of a web service, and interview processesmay comprise a plurality of web pages. Regardless of implementation,systems of the invention may communicate with users to obtain andpresent data about users relevant to electronic account certifications,real-time total financial reporting, and electronic credit interestmatching.

Systems of the invention may approach returning users from perspectivesthat change in financial accounts and identity information is unlikelyor infrequent. Interviews may allow users to update items by importingor manually entering information and then move on to items that usersidentify as having changed. For new users, interview systems may build aprofile that can be used to year after year and sections may beautomatically identified and avoided. Even if users indicate that aparticular area does not apply, systems of the invention mayautomatically perform (“GDD”) to determine if a user's indication istrue or false. Summary screens may be presented to users containinginformation identified as skipped and offering users a chance to providecomplete and updated information.

Data is imported using (“GDD”) 312. (“GDD”) 312 enables seamless importof data from a variety of financial data providers 316 into thecertification system 308. In one example embodiment, data to be importedis provided by financial data providers 316 in formats of (“EAC”) datastructures. A data mapping language may map real-time data of (“EAC”)data structures to various fields in order to electronically analyze,certify, and score that real-time data. Imported data is stored assource data 318 and may be checked automatically for completeness, andin one embodiment, data that is missing or incomplete is identified asexceptions requiring attention before another process may be preformed,such as a credit authorization, for example. (“GDD”) 312 enablesjust-in-time styles of data downloads whereby data can be downloadedelectronically in real-time by connecting to financial data providers316 on as-needed basis to obtain data, instead of monthly downloadprocesses. Furthermore, (“GDD”) 312 enables complete styles of datadownloads whereby data obtained may consist of asset, income, tax, andany other type of data not available on credit reports.

Information about requesting/receiving system users 306, including theiridentity verification and their relationships with financialinstitutions, may be stored and used to create a profile for eachrequesting/receiving system users 306 which may be stored as user data310. A profile enables systems of the invention to streamline any typeof process provided by systems of the invention by asking fewerquestions or non at all, instead of requiring requesting/receivingsystem users 306 to re-enter data that has not varied. A summary ofskipped financial data providers 316 may be provided torequesting/receiving system users 306 to ensure that no data has beeninadvertently omitted. For new requesting/receiving system users 306,default profiles may be used initially to focus any process according tomost likely areas of relevance to a particular user based oninformation, including age, employment etc., while simultaneouslyensuring complete and accurate information is obtained, including assetand debt accounts users may not wish to provide system access.

As data is downloaded, (“GDD”) engines 314 recognize download data bysource 316 and may provide feedback to users via communicationsinterfaces that indicate levels of completeness and accuracy ofdownloaded data 320. For example, a credit seeker may attempt tomanipulate electronic account certification by disclosing account accessto only “preferred” accounts. The certification system 308 continuouslycommunicates in real-time with (“GDD”) engines 314 to identify andexception any attempted system manipulations. Table 1 below providesexamples of user actions required and system exception levels, givenlevels of completeness, sources of data, and assumptions made aboutaccuracy of data:

TABLE 1 # User # System Description Identified Identified ActionRequired Asset 3 5 (“GDD”) obtains missing items; User required inputsDebt 1 4 (“GDD”) obtains missing items; User required inputs Income 5 2User required inputs Expense 4 5 User required inputs

To eliminate data redundancy and increase data accuracy andcompleteness, (“GDD”) engines 314 may select the most reliable sourcesof data 316 automatically. Table 2 provides examples of primary andsecondary sources for information that may be accessible by (“GDD”) 312.

TABLE 2 Primary Alternate Alternate Description Source Source SourceNames, address, Transfer User Entered phone, SSN Dependent Transfer UserEntered information Asset Financial Finance ACH, Government InstitutionSoftware Liabilities Financial Finance Credit Agency, InstitutionSoftware ACH, Government Income Financial Finance ACH, GovernmentInstitution Software Expenses Financial Finance ACH, GovernmentInstitution Software Tax Return Tax Software Tax Preparer GovernmentIdentity Check Verifier Government Real Estate Zillow.com GovernmentUser Entered ValuationReal-Time Data Mapping

Real-time data mapping describes a path of downloaded data from downloadsources into system modules. In one example embodiment, and referringnow to FIG. 3B, Systems of the invention may provide support fordownload of data stored in multiple formats. In order to achieve thissupport, systems of the invention may provide a customized andproprietary standard for the system data structures 342. Proprietarysystem data structure 342 languages may be independent of reports andfile formats, and may map data into appropriate reports and fields 344of various system fields and reports, in order to electronically certifyand report real-time data which may be used to respond to creditapplications. Since data may be stored in various formats, e.g.Certification Exchange Format (“CXF”), Open Financial Exchange (“OFX”)350, Extensible Markup Language (“XML”) 350, Document Type Definition(“DTD”) 350, etc., additional mappings and conversion algorithms may beused in order to convert electronically obtained and stored data into(“EAC”) data structures 342. Thus, by making (“EAC”) data structures 342available to download sources such as financial institutions andfinancial management software, it is possible for (“GDD”) to accept datafrom a wide range of sources in order to perform import of historicaland real-time financial and identity data. A new format merely requiresa new mapping from that format into (“EAC”) data structures 342. Mappingfrom (“EAC”) data structures to reports and fields 344 of databases isunaffected. Furthermore, download user interfaces may be built around(“EAC”) data structures 342 so that it is independent of formats ofdownloaded data.

System data structure languages 342 may define downloadable records andvalues, and structures of downloadable data. That is, depictions ofdownloadable data independent of its representation either on reports orin formats such as a proprietary certification exchange format (“CXF”)format made publicly available. In one example embodiment, downloadablelanguages may include support for any one or more of the followingfeatures: Representing a value Representing a group of valuesAssociating an ID with a group of values. Representing a group of valuesas a child of another group of values Representing a group of values ora value that there can be only one of (single cardinality) Representinga group of values or a value that there can be many instances of(multiple cardinality) Representing an instance of a group of values orvalue with a dynamic text representation. This text representation maycontain values from the group of values or value as well as the quantityof child groups of values or values.

In one example embodiment, (“CXF”) mapping language maps (“CXF”) format348 into (“EAC”) data structures 342. It may utilize records and fieldsavailable in (“CXF”) format 348 to fill in instances of (“EAC”) datastructures 342. In one example embodiment, (“CXF”) Mapping Languageincludes support for the following features: Collating (“CXF”)transactions based upon a set of keys (including constants) Separating(“CXF”) transactions Creating unique (“EAC”) data instances for every(“CXF”) transaction Utilizing information from the (“CXF”) detail recordif it exists Assigning data such as class and names to (“EAC”) datavalues Conditionally assigning (“EAC”) data values based upon presenceof a field in (“CXF”) records. Conditionally assigning (“EAC”) datavalues based upon data ranges of (“CXF”) records. Assigning constantvalues to (“EAC”) data values.

Fields mapping languages may map (“EAC”) data structures 342 intoreports and fields. In one example embodiment, two data structures mayhave common representation of single cardinality and multiplecardinality values and records. Fields mapping language may bridge gapsand allows movement of (“EAC”) data structures into reports and fieldsof (“EAC”) systems. Fields mapping languages may include support for oneor more of the following features: Associating a single instance valuewith a single field. By implication, this action replaces any data onthat single field. This is a one to one mapping. Associating a group ofsingle instance values with a group of fields (potentially on differentforms). This is really a one to one mapping as well where an importableinstance contains more than one value that all go to specific places. Byimplication, the values on fields are replaced by downloadable values.Associating a multiple instance value with a single field. Byimplication, this action replaces any data on that single field. This isa many to one mapping. Associating a multiple instance value with a setof fields on reports. This is a many to many mapping. Many-to-manymappings allow data on reports to co-exist with imported data. As such,downloads may or may not imply replacement of data.

Associating a multiple instance value with an array on a report. This isa many to many mapping. Associating a multiple instance group of valueswith a set of fields. This is a many to many mapping.

Associating a multiple instance group of values with a set of arrays.This is a many to many mapping.

Associating a multiple instance group of vales with a table. This is amany to many mapping.

FIG. 4A is a block diagram 400 showing one example of modules of aelectronic account certification and reporting system in accordance withone example embodiment of the invention. Modules and components ofsystems of the invention may, however, be embodied in many differentforms and should not be construed as limited to the embodiments setforth herein; rather these embodiments are provided so that thisdisclosure will be thorough and complete, and will fully convey thescope of the invention to those skilled in the art. Embodiments of theinvention may feature communication interfaces 404 allowing systems ofthe invention to communicate with other computer systems such asservers, client computers, and portable computing devices. Communicationinterfaces 404 may be network interfaces to LANs, which may be coupledto other data communication networks, such as the Internet.

Systems of the invention may store user data 406, such as accountinformation, user information, banking login name and password, accountaccess and authentication information, for example. Additionally, userdata may include any data previously electronically obtained and anyreports electronically generated. Systems may store financialinstitution data 408 such as bank, tax, and marketplace data, forexample. Systems may also store credit and loan data 100 such asbuyer/seller data, credit reports, verification reports, real-estateinformation, etc.

(“EAC”) modules 412 may analyze any type of real-time and historic userdata 406, financial institution data 408 and credit/loan data 100downloaded. (“EAC”) modules 412 apply rigorous certification logic rulesto real-time and historically financial data to insure the data iscomplete, accurate and compliant. (“EAC”) modules 412 may output“certified data” for use by one or more system modules, such as (“TFR”)modules 414, for example. Information from one or more modules may beused by report generators 416 to display information to users. (“TFR”)modules 414 may analyze any type of real-time and historic user data406, financial institution data 408 and credit/loan data 410 downloaded.

Information transmission modules 418 may output any type of informationto any type of system or user. Example information transmission modulesmodule 418 functions include transmitting electronic accountcertifications, transmitting total financial reports, new creditauthorizations, update existing credit authorizations, transfer credit,move money, report information to markets, initiate transmission ofsystem generated credit cards, initiate transmission of systemapplications and updates to mobile devices, transmit information togovernment and regulatory agencies, and transmit information to otherauthorized third-party users, for example.

FIG. 4B is a block diagram 420 showing one example of various types ofcomponents, modules and engines of systems of the invention. Any systemcomponent or module may reside on disparate systems around the World andcommunicate information in real-time with one or more system componentsor modules located on another disparate system around the World.Furthermore, any one system component or module may feature additionalcomponents and/or modules not illustrated herein. Data collectionmodules 422 may include capabilities for collecting data internally.Additionally, data collection modules 422 may include capabilities forcollecting data externally from remote systems. Any module 424 mayinclude capabilities for transmitting data to host and/or remotesystems. Furthermore, any component may be default and/or custom 426.Logic used to analyze and certify data may user and/or system defined428. System engines 430 may be default or custom and may “receive” and“push” information externally and internally. Further explanation ofexample system modules will be discussed in detail below.

Additionally, those skilled in the art will appreciate that systems ofthe invention show with respect to the above figures are provided by wayof example only. Numerous other operating environments, systemarchitectures, and device configurations are possible. Accordingly, theinvention should not be construed as being limited to any particularoperating environment, system architecture, or device configuration.

As discussed above with respect to FIGS. 1-4, embodiments of theinvention can assist financial institutions in certifying that customerfinancial account information is complete, accurate and compliant withrules established by authorized users. Additionally, as discussed abovewith respect to FIGS. 1-4, embodiments of the invention can assistfinancial institutions by providing current and complete financialinformation associated with customers. The operation of exampleembodiments of the invention will now be described with references tothe following figures.

Operational Overview

FIG. 5 illustrates a method 500 by which requesting/receiving 204systems and users 206 can set up program rules with a certificationsystem 204 in order to customize electronic account certification andreporting. Referring to FIG. 5, a financial institution may request thata certification system 204 implement a program for electronicallycertifying and reporting information associated with one or morefinancial accounts accessed from one or more financial data sources 208.According to an embodiment of the invention, this request may be anelectronic request (e.g., e-mail, messaging, direct communications,etc.) over network 210 between the certification system 204 andrequesting/receiving 204 system and users 206. However, it will beappreciated that the request may also be made using facsimile,telephone, postal mail, and other electronic and non-electroniccommunication means known to one of ordinary skill in the art.

Still referring to FIG. 5, in block 504, the financial institution oruser may provide program rules, which may certification criteria,financial reporting criteria, credit interest criteria information tothe certification system 204. This information will be discussed belowin accordance with the several illustrative embodiments. According toblock 506, the certification system 504 may then implement the programrules. It will be appreciated that these program rules may be modifiedand/or updated by the financial institution or the certification system504 from time to time. The implementation of the program rules by thecertification system 504 will now be described in further detail belowwith respect several embodiments shown in FIGS. 6-8.

FIG. 6 illustrates a computer-implemented method 600 by which thecertification system 204 operates to certify and report financial dataelectronically, according to one embodiment of the invention. In block602, the certification system 204 may receive the electronic accountcertification request from the requesting 202 system via network 210 andI/O Interface 230. Generally, the customer 206 may submit a request viathe requesting system 202, which is then transmitted to thecertification system 204 in the form of an electronic accountcertification request.

In block 604, the certification system 204 may route the data request tothe certification engines, which simultaneously transmit a data requestto one or more financial data providers 208 as a function of receivingthe certification request from the requesting 202 system via network 210and I/O interface 230. According to an embodiment of the invention, theFinancial Institution Name, Accounting Number, User Id, Password andChallenge Answer may specify which financial data provider 208 thecertification system 204 should access. According to another embodimentof the invention, the certification system 204 may also include arouting table, perhaps stored in memory 228 or data storage device 242,for determining which financial data provider 208 should be accessed. Inyet another embodiment, the account holder's social security number orinformation transmitted via swiping a card or syncing a mobile device ata merchant location may be sufficient information for the certificationsystem 204 to access a plurality of financial data sources 208simultaneously. As described above, the financial data provider 208 maybe associated with a financial institution associated with one or moreaccounts requiring certification.

In block 606, the certification system 204 may receive the requestedfinancial data from the financial data source 208 and electronicallycertify the financial data. If the at least one required data source wasaccessed, the certification system 204 may receive financial data fromthe financial data source 208. However, if the at least one requiredfinancial data source was not accessed, then the certification system204 may not receive financial data from the financial data source 208(block 606).

Accordingly, if block 608 determines that the financial data wascertified, then processing proceeds with block 610, where the certifieddata (e.g., historical and real-time may be transmitted by thecertification system 204 to the requesting 202 computer via network 210and respective I/O Interfaces 230, 214. Accordingly, in this situationthe requesting computer 202 may also be called the receiving 202computer because it has requested and received the electronic accountcertification. In other embodiments, a plurality of computers mayreceive the electronic certification without having first requested theelectronic account certification. For example, a mortgage broker mayrequest the certification and the certification may simultaneouslytransmit the certification to the underwriter, mortgage applicant andmortgage broker. In an alternative embodiment of the invention, block610 may also include determining whether the data was not certified(e.g., indicated inaccurate, incomplete or non-compliant, etc.) andproviding indication of restricted use of data.

On the other hand, block 608 may determine that the data has beenapproved by the certification system 204. In this situation, processingmay continue with block 612 determining whether the certified data maystill be eligible for partial or full total financial reporting (“TFR”)by the certification system 204 under an exemplary program havingassociated program rules and which may be referred to as the “(“TFR”)”program. It will be appreciated that the requesting 202 and receiving202 systems may have incentives to utilize real-time total financialreports output by the certification system 202 (e.g., when seeking toimprove credit lending risk management and liquidity, etc.).

Block 612, which will be described separately below, then determineswhether the processed data is eligible for coverage by thepharmaceutical manufacturer under the exemplary total financialreporting and that eligibility determination of block 612 may bedetermined, at least in part, based on the analysis of the certificationsystem 204. If the eligibility determination is performed by a systemother than the certification system 204, then the certification system204 may store the preliminary eligibility determination in a historytable (e.g., stored in memory 228 or data storage device 242) for laterretrieval.

If block 612 determines that the data is not eligible for totalfinancial reporting, then the certification system 204 transmits acertification report (block 614) to the receiving system 202. On theother hand, if block 612 determines that the data is eligible for totalfinancial reporting, then processing may continue with block 616. Inother embodiments, the electronically transmitted certification reportdescribed in block 614 may also contain information which is notcertified, such as information reported at block 610. For example, thecertification system 204 may transmit consolidated information of aplurality of data sources, which are identified to be certified orrestricted.

In block 616, the certification system 204 may transmit the certifieddata to a (“TFR”) engine for processing of financial data in accordancewith program rules. The (“TFR”) engine output may then be transmitted toreceiving systems 202. According to one embodiment, the electronicallycertified data may be viewed as more comprehensive and may be utilizedinstead of historical and incomplete credit reporting data. In caseswhere the initial request was for electronic certification only, thesystem may transmit at least a notice of availability of total financialreporting information to receiving systems 202 and may also store theinformation in a history table of the certification system 204 (e.g., inmemory 228 or data storage device 242) for subsequent updates inresponse to new real-time data. According to an embodiment of theinvention, block 316 may also include instructions to the requestingsystem 202 to submit a second request to obtain additional accountcertifications for the customer 206. For example, certification system204 may have identified one or more financial accounts associated withthe customer 206 which were not included in the initial request foraccount certification by the requesting system 202. In this case, thecertification system 204 may transmit a request for additionalauthorization and authentication information to access the financialaccounts.

Accordingly, in block 618, the certification system 204 may determine ifadditional real-time or near real-time data is available, which mayrequire updating information and reports for transmission to thereceiving system 202. In block 620, the certification system 204 maydetermine that currently no additional real-time data is availablerequiring updates and store the information for updates as a function ofindications of new real-time or near real-time data.

It will be appreciated that variations of the method 600 are availablewithout departing from embodiments of the invention. For example,according to an alternative embodiment of the invention, thecertification system 204 may automatically perform block 620 afterdetermining that the data is (“TFR”) eligible in block 612. Yet othervariations are possible without departing from embodiments of theinvention.

Electronic Account Certification (“EAC”)

Background information describing example functionality of electronicaccount certification is provided herein by way of reference and tofacilitate the understanding of the electronic account certificationmethod. Those of ordinary skill in the art will appreciate that thecomputer-implemented certification methods described herein are providedby way of example only. Accordingly, the overview information and flowdiagrams should not be construed as being limited to any particularorder or limited to any particular calculation.

Overview

One advantage of the system is that it enables real-time analysis andelectronic systems for detecting if users fail to provide the systemstotal account access, in one embodiment requiring little or no userinput. It is important to electronically certify accounts beforeprocessing certified information to (“TFR”) modules and other systems.(“EAC”) is a new system for electronically determining that users haveprovided complete and accurate information related to financialinstitutions before the systems process real-time data to (“TFR”)modules and other systems. Systems also contain authentication and frauddetection functionality for identity verification and fraud detection.

In one implementation any one or more of the following examplecomponents may comprise systems of the invention:

Electronic Asset Account Certification (EAAC)

Electronic Liability Account Certification (ELAC)

Electronic Income Certification (EIC) Electronic Expense Certification(EEC)

Electronic Tax Return Certification (ETRC) Electronic Real-EstateValuation Certification (ERVC)

Electronic Identify Certification (EIC)

Electronic Fraud Certification (EFC).

The system understands that users may attempt to manipulate the systemby understating debt/expense information and/or overstating asset/incomeinformation. It is important for system users to obtain certifiedreal-time asset, debt, income and expense data not reported by creditbureaus before processing the data. (“GDD”) engines continuouslytransmit data to (“EAC”) modules to analyze and detect missing and/orinaccurate information. This may be accomplished in one or more ways,such as electronically accessing data sources through an open financialexchange (“OFX”) or automated clearing house (“ACH”) networks. In oneexample embodiment, (“GDD”) engines may periodically download historicalcredit report files from credit reporting agencies, such as Equifax™ ofAtlanta, Ga. and electronically check debt accounts received by (“GDD”)with debt accounts reported by credit reporting agencies. In one exampleembodiment, the certification system 204 provides indications ofdiscrepancies between (“EAC”) debt data and credit reporting data, whichmay provide a better system for detecting identity theft in real-time,for example.

Missing information may be electronically obtained without user input.Systems of the invention also continuously checks account informationwith secondary sources to determine that accounts belong to systemusers. Furthermore, the system electronically identifies prohibited andunusual transactions by electronically receiving government rules anduser rules, which are used to create rule sequences for electronicidentification of prohibited and unusual transactions. System logic maybe used by the system and applied to historical and/or real-time data todetermine how and what data is certified and what users are authorizedaccess to data, for example. Analysis logic may also be applied to dataand may trigger exceptions identifying information requested by one ormore users, for example.

A particular user may customize logic or may select electronicallygenerated system default logic. A system may receive logic rules fromgovernment entities or particular users which may establish logic rulesused to identify information, such as prohibited transactions, forexample. Logic rules selected for a particular user may be differentthan logic rules chosen by a different user having access acertification system. For example, a particular set of logic rulesselected by a mortgage broker may differ from logic rules ofunderwriters for loans submitted by a mortgage broker.

Systems of the invention may store information about users which mayupdate logic rules in real-time and recommend optimized logicelectronically. Electronically optimized and recommended logic may bestored with other logic rules and selected by authorized users withoutdisclosing sources used to electronically optimize and recommend logic.Any type of logic or rule sequence may be implemented to triggerexceptions and examples are provided herein for purposes of explanationonly and should not be viewed in a limiting sense. One or more systemsmay communicate enterprise-wide master files which may contain any typeof data that may be used by systems to electronically define andrecommend particular sets of logic rules in real-time.

In one implementation any one or more of the following examplecertification logic may electronically trigger system exceptionsidentifying specific information:

Balance change unusual.

Transactions unusual and/or prohibited (ex. Related party transactionsor seller “kick-backs”) User supplied information doesn't matchelectronically obtained information

Accounts accessed do not belong to system users

Information supplied by one user doesn't match information supplied byother users

Electronically obtained debt data does not match debt data reported bycredit reporting agency

All user accounts not accessed

Real-time financial data changes

Electronic tax return from tax software doesn't match governmentreported tax return

Electronic fair market valuation from one source doesn't match secondarysource.

Additionally, the system constantly communicates with authentication andauthorization modules to verify user identities and/or detect fraud,which may electronically trigger one or more of the followingexceptions: Telephone reported as stolen Telephone number is a phonebooth Address can not be verified and/or is reported stolen Address is aprison, hotel/motel, post office, mail service, answering service, etc.User has fraud exceptions and/or fraud victim indicators Social securitynumber can not be verified, reported stolen, belongs to a deceasedindividual, or never issued Credit reporting service can not verify useror credit report contains fraud exceptions Real-time financial datachanges.

Exception items may display on reports consolidated with variousinformation, which may be used by other users. Furthermore, items whichtrigger exceptions may factor into a scoring logic which may be used toapprove or declining a certification and/or credit application. Scoringlogic and outputs generated by scoring logic may be disputed by usersand dispute notifications may be transmitted to other userssimultaneously.

The electronic certification of financial data (block 608, FIG. 6) willnow be discussed in detail with respect to FIGS. 7A-7E. In particular,FIG. 7A begins with block 702 receiving financial data from at least onefinancial data provider 208. At block 704 the system determines if thedata obtained can be classified. If the data can not be classified, thesystem routes the unclassified data to the certification engines (block706) and notes the data as unclassified. In another embodiment, theunclassified data may be labeled as restricted or sent to the requestingsystem 202 for approval before continuation of the certificationprocess. The certification system 204 may include a list ofclassification combinations for determining whether the data can beclassified. Examples of this are seen through import of financial datafrom personal financial management software or online banking sites,where the data may contain one or more identifiers, such as a negativesign indicating an expense. In another embodiment, the remaining stepsof FIG. 7A may not be required when enough data is already obtained.

If the data needs to be classified (block 708), then the certificationsystem 204 may determine if the data is asset data 710 and furtherdetermine if the asset data 710 is historical or real-time data 712.This process may continue as the certification system 204 furtheridentifies if the asset data 710 is balance or transaction level data714. If the data is debt data 716 a similar process may follow bydetermining if the debt data is historical or real-time 718, and mayfurther comprise determining if the debt data 716 is balance ortransaction level data 720.

If the data is classified as income data 722 or expense data 728, thenthe certification system 202 may also identify the income data 722 orexpense data 728 with asset data 710 or debt data account 716. Inresponse to real-time or near real-time data the certification systemmay continuously update the appropriate asset account 710 and debtaccount 716 in response to real-time income data 722 and expense data728. The certification system 202 may also classify income 722 data andexpense 728 data as real-time or historical income 724 or expense 730data. Most likely real-time income 722 data and expense data will beautomatically classified as transaction level income 726 data andexpense 732 data. However, the certification system 204 retains theability to sum transaction level information to provide a balance. Thus,income 722 data and expense 728 data may also be classified as balancedata.

Many financial data providers 208 may provide the certification system204 financial data which is not considered asset 710, debt 716, income722, or expense 728 data. In these cases, the certification system 204may classify the data as miscellaneous data 734 and determine if thedata is historical or real-time 736 and if the data is balance ortransaction 738 data. In other cases, the certification system 204 mayidentify that the data is not financial data and apply program rules toclassify the miscellaneous data as other types of information (e.g.,address, social security number, account number, employer EIN, employeraddress, real-estate valuation, etc). The classified data is routed tothe certification engines 740 for appropriate processing.

FIG. 7B continues the computer-implemented method of electronic accountcertification by receiving classified data at block 742. The classifieddata is continuously checked to determine if the data is accurate (block744). Block 744 may also determine that the data is not accurate inwhich case processing may continue with block 746 determining whethercontra financial data providers (e.g., customer 206) are available. Forexample, if accounts accessed do not belong to customers 206 or are notassociated with the information transmitted from the requesting system204, then the certification system 203 may determine the that the datais not accurate. Likewise, if the certification system determines thedata is accurate, then at block 748 the data may be electronicallyevaluated to determine if the data is complete. Block 748 may alsodetermine that the data is not complete in which case processing maycontinue with block 746 determining whether contra financial dataproviders are available. Likewise, if the certification system 204determines the data is complete, then at block 750 the data may beelectronically evaluated to determine if the data is compliant withprogram rules. Block 750 may also determine that the data is notcompliant with program rules in which case processing may continue withblock 746 determining whether contra financial data providers areavailable.

Block 752 may determine that the data is indicated as certified becauseit has at least met the minimum criteria established by program rulesfor electronic account certification, in which case the certified datais processed to determine if the data is eligible for (“TFR”) processing(block 612, FIG. 6). According to an embodiment of the invention, thecertification system 204 may determine if contra data providers exist(block 746) and indicate data as uncertified when contra data sources donot exist (block 754). Furthermore, when contra data sources do notexist and the data has been identified as inaccurate, incomplete ornon-compliant, certification system 204 may provide users means todispute the identification (block 754). If block 756 determines thereceived financial data 742 is not acceptable for processing then thedata is indicated as restricted (block 758), then the certificationsystem 204 may determine that the data is not eligible for (“TFR”)processing (block 612, FIG. 6). On the other hand, block 756 maydetermine that partially incomplete, partially inaccurate, or partiallynon-compliant data is acceptable for processing and further determine ifthe dispute was resolved (block 760). In cases where the dispute isresolved, data may be indicated as certified data (block 764). On theother hand, in cases where the dispute cannot be resolved the data maybe indicated as uncertified or restricted (block 762).

FIG. 7C illustrates one example computer-implemented method by which thecertification system 204 operates to determine if financial account dataobtained from the financial data source 208 is accurate, according to anembodiment of the invention. In block 766, the certification system 204may receive financial data from a first financial data source 208 vianetwork 210 and I/O Interface 230. Generally, the customer 206 andrequesting system 202 may provide the certification system 204information related to financial accounts (block 766), which is thenused by the certification system 204 in the form of an electronic searchfor financial data providers 208 associated with the informationreceived from the customer 206 and requesting system 202 (block 268).The certification system 204 may receive authorization to access thefinancial data providers 208 and collect financial account dataassociated with the financial account (block 770).

In block 772, the certification system 204 may electronically determineif information obtained from the financial data source 208 matchesinformation obtained from the customer 206 and requesting system 202. Inblock 774, the certification system 204 may determine if a completematch is identified. If a complete match is identified, then thecertification system 204 may indicate the data accessed from thefinancial account to be accurate (block 778). However, if the data isindicated to be at least partially inaccurate, then the certificationsystem may provide customers 206 and requesting systems 204 means tocorrect the information and electronically determine if contra datasources exist (block 776). It will be appreciated that the certificationsystem 204 may have a plurality of program rules to determine if dataobtained from a financial data source 208 is accurate. Accordingly, ifblock 774 data to be inaccurate, then several different and alternativesteps may be utilized by the certification system 204 to electronicallyidentify partially accurate data. In one example embodiment, partiallyaccurate data may be listed as exceptions on the electronic accountcertification report and, if the partially accurate date meets programrules, the data may be determined acceptable for processing.

FIG. 7D illustrates one example computer-implemented method by which thecertification system 204 operates to determine if financial account dataobtained from the financial data source 208 is complete, according to anembodiment of the invention. In block 780, the certification system 204may receive fully accurate or partially accurate financial data (FIG.7C) acceptable for processing. Generally, the certification system 204may electronically determine if financial data is accurate beforedetermining if the financial data obtained from the financial dataproviders 208 is complete. However, in alternative embodiments thecertification system 204 may determine if data obtained from a financialdata provider 208 is complete before determining if financial dataobtained is accurate.

In block 782, the certification system 204 may identify at least onerequired financial data provider 208 requiring electronic accountcertification. This may be accomplished in one or more ways, such asidentifying a financial account requiring certification from a requesttransmitted from a customer 206 or a requesting system 202. Similarly,the certification system 204 may electronically identify a plurality offinancial accounts associated with the customer 206 and transmit arequest to a receiving system 202. In this example, the certificationsystems 202 request may include a request for authentication andauthorization from a customer 206. In this case, the customer 206 mayprovide the certification system 204 authorization to access financialdata providers 208 identified by the certification system 204independently of the information obtained in the requesting system 202.

In block 784, the certification system 204 may electronically determineif at least a portion of the collected financial data is collected fromat least one required financial data provider 208. According to anotherembodiment, the certification system 204 may electronically determine ifa predefined desired about of financial data was obtained from thefinancial data providers 208 (block 786). If the required portion offinancial data was obtained from the required financial data providers208, then the certification system 204 may electronically identify theobtained financial data to be complete 288. If the required financialdata was not collected from at least one required financial dataprovider 208, then the certification system 204 may electronicallyrequest financial data from at least one required financial dataprovider (block 790). In one example embodiment, the financial dataprovider 208 is a contra financial data provider which stores the samefinancial data requiring certification. In this situation, thecertification system 204 may receive authorization to access thefinancial data providers 208 and collect financial account dataassociated with the financial account (block 790). Certification system204 may electronically determine if the data was successfully obtained(block 792) and when the required data has been obtained, thecertification system 204 may indicate the data to be complete (block788).

In block 792, the certification system 204 may determine if partiallyrequired financial data is obtained. If the data is indicated to be atleast partially incomplete, then the certification system may providecustomers 206 and requesting systems 204 means to correct theinformation and electronically determine if contra data sources exist(block 794). It will be appreciated that the certification system 204may have a plurality of program rules to determine if data obtained froma financial data source 208 is complete. Accordingly, if block 794determines data to be incomplete, then several different and alternativesteps may be utilized by the certification system 204 to electronicallyidentify partially complete data. In one example embodiment, partiallycomplete data may be listed as exceptions on the electronic accountcertification report and, if the partially complete data meets programrules, the data may be determined acceptable for processing.

FIG. 7E illustrates one example computer-implemented method by which thecertification system 204 operates to determine if accurate and completedata acceptable for processing is determined to be compliant withprogram rules designed to detect information relevant to system users,according to an embodiment of the invention. In block 800, thecertification system 204 may process data determined acceptable forprocessing. Generally, the customer 206 and requesting system 202 mayprovide the certification system 204 program rules which are then usedby the certification system 204 and continuously applied to bothhistorical and real-time financial data (block 802). As previouslydiscussed with respect to FIG. 5, program rules may consist of severaldifferent sets of rules established by different users. In one exampleembodiment, the certification system 204 applies rules to dataacceptable for processing to identify check kiting, related partytransactions, prohibited transactions between home buyers and homesellers, and transactions designed to overstate asset balances andunderstand debt account balances.

In block 806, the certification system 208 may determine if complete andaccurate data acceptable for processing is further compliant withvarious program rules. If the data is compliant, accurate, and complete,then the certification system 204 may indicate the data to be certifieddata (block 810). However, if the data is indicated to be at leastpartially compliant then the certification system may provide customers206 and requesting systems 204 means to correct the information andelectronically determine if contra data sources exist (block 808). Itwill be appreciated that the certification system 204 may have aplurality of program rules to determine if data obtained from afinancial data source 208 is compliant.

Accordingly, if block 806 determines data to be inaccurate, then severaldifferent and alternative steps may be utilized by the certificationsystem 204 to electronically identify partially compliant data. In oneexample embodiment, partially compliant data may be listed as exceptionson the electronic account certification report and, if the partiallycompliant data meets program rules, the data may be determinedacceptable for processing.

Total Financial Reporting (“TFR”)

As used herein, the term “Total Financial Reporting” refers toelectronically processing any type of financial information in real-timeand generating any type of report or analysis based on real-time and/orelectronically processed financial information. As used herein, the term“analysis” refers to any financial analysis system designed to detectand identify information associated with financial information, whichmay have access to sensitive financial data, which may be stored infinancial accounts at financial institutions. Various financial accountanalysis examples are provided herein for purposes of explanation.However, systems and electronic methods described herein allowcustomized analysis and/or system defined logic which may be used toproduce any type of financial analysis. A system in accordance with theinvention may continuously receive sensitive financial data in real-timeand logic may also be applied in real-time to continuously update totalfinancial reports in real-time.

(“TFR”) electronically obtains and consolidates real-time and historicalelectronically certified information processed by (“EAC”). It isimportant for (“EAC”) to analyze financial data to insure completeness,accuracy and compliance before generating total financial reports. Inexample embodiments, the electronically generated total financialreports may be used instead of historical and incomplete credit reports.Any number of electronic financial analysis and prediction calculationsmay be used to generate reports, which may be used by systems to matchcredit lenders with credit seekers, for example.

In one implementation any one or more of the following may continuouslyupdate in real-time as electronically certified real-time information isupdated: Asset & Liability Scores, Income & Expense Scores, InvestmentAnalysis, Credit Card Analysis, Credit Scores, Identity Scores, RiskScores, Consolidated Scores, Real-time financial statement preparation,Financial Ratios, Application Scorecards, Behavior Scorecards,Propensity Scorecards, Collections Scorecards, Risk analysis faced bylenders to consumers, Risk analysis faced by lenders to businesses, Riskanalysis faced by business, Risk analysis faced by individuals.

FIG. 8 illustrates a computer-implemented method 850 by which thecertification system 204 operates to determine if processed financialdata is eligible for total financial reporting (block 612, FIG. 6),according to one embodiment of the invention. In block 852, thecertification system 204 may identify processed certified data stored indata storage devices 242. Generally, the certification system 204 maystore data indicated to be certified (block 614, FIG. 6) in data storagedevices 242 and electronically retrieve certified data for use by(“TFR”). According to an embodiment of the invention, certified data maybe transmitted to receiving 202 systems and customers 206 without(“TFR”) processing. Generally, the certification system 204 may receivea request for (“TFR”) processing simultaneously with the request for(“EAC”) processing. In this situation, the certification system 204 mayprovide the receiving system 202 and customer 206 (“EAC”) output and(“TFR”) output simultaneously, if available. In yet another embodiment,the certification system 204 may at least provide customers 206 andreceiving systems 202 indication of the availability of (“TFR”) data. Inthis situation, the certification system 204 first receives a requestfor electronic account certification and, after processing, determinesthat (“TFR”) output is available, which is then transmitted to thereceiving system 202 and customer 206 in the form of a indication ornotice of the availability of the (“TFR”) data.

In block 854, the certification system 204 may identify processedrestricted data stored in data storage devices 242. Generally, thecertification system 204 may store data indicated to be restricted(block 610, FIG. 6) in data storage devices 242 and electronicallyretrieve restricted data for use by (“TFR”). According to an embodimentof the invention, restricted data may be transmitted to receiving 202systems and customers 206 without (“TFR”) processing. In one embodiment,restricted data may not be acceptable for (“TFR”), depending on programrules, and may be identified as exceptions on an exception reporttransmitted to receiving systems 202.

In block 856, one or more appropriate program rules for are identifiedwhich may be applied to certified and restricted financial data toreport financial information to, for example, credit bureaus, financialinstitutions, and the like. Data from multiple data financial dataproviders 208 may be considered collectively by the certification system204 when applying one or more program rules for total financialreporting. In block 858, the certification system 204 electronicallydetermines if data obtained meets program rules for total financialreporting. If the data meets the program rules for total financialreporting, then the certification system 204 may indicate the data aseligible for (“TFR”) (block 864). On the other hand, if the data doesnot meet the program rules for total financial reporting, then thecertification system 204 may indicate the data as ineligible for(“TFR”). Different types of rules may be applied to different types ofdata.

For example, data may be eligible for (“TFR”) if the data complies withany of several rules. Alternatively, data may be ineligible if it failsto meet any one of several rules. In another embodiment, several groupsof rules may need to be satisfied. Various other rules may be applied tothe data to determine if the data is eligible for (“TFR”). Alternaterules may include any number of rules arrange in a hierarchical manner.

FIGS. 9A-9G illustrate example user interface screens 900 illustratinginformation related to electronic account certification and reporting.FIG. 9A is a user interface screen illustrating one example of datatransmitted from a requesting system 204 and user 206 to thecertification system 204. A data import interface screen 902 may displayinformation about information imported from other systems. Importinformation may include user profiles 904, verification information 906and real-estate information 908, for example. Conventional credit andloan systems do not require home sellers to verify information. However,certification systems may identify a home seller and electronicallytransmit system access instructions to home sellers via the World WideWeb. In some embodiments, systems of the invention electronicallyprocess identity verification, credit reports, employment verification,and income verification for home sellers. This enables a certificationsystem to begin analyzing financial information from both a home sellerand a home buyer to identify and trigger prohibited transactions.

Property information 208 may display information about any real-estateowned by user profiles 904. System electronic analysis may certifymanual appraisal valuations provided by import. Furthermore,certification systems may identify information such as loan outstandingwhich may be useful to identify financial information.

FIG. 9B is a user interface screen illustrating account informationelectronically obtained related to imported user profiles. A menusection may allow users ability to navigate a system's functionality. Inone example embodiment, account information menu options 910 may allowviewing user identified and system identified data sources. Exampleembodiments may feature ability to monitor account information frommultiple groups of associated customers, such as borrowers 912,co-borrowers 914 and home sellers 916, for example. Informationdisplayed may identify a number of user identified accounts and systemidentified accounts. System data sources may display indications ofsources of data utilized by certification systems. Additionally,exceptions may generate identifying attempted system manipulation byproviding limited account information, for example. Actions required toremedy exceptions may display with ability to send requests foradditional information to system users.

FIG. 9C is a user interface illustrating certification system 204information for a particular group of accounts related customers 206 andrequesting/receiving systems 202. For example, the certification system204 may summarize information of one or more related customers 206 orcertification requests received from requesting systems 202. Statussummary screens 922 may summarize information such as financial dataprovider 208 completeness exceptions. For example, the certificationsystem 204 may provide indications of accounts identified, accountsrequested, requests received, and outstanding requests. Capabilities tosend new certification requests to users may also display. Real-timeasset 924 and real-time debt information 926 may continuously update anddisplay. Information such as cumulative balances and last updateexceptions may display. Additionally, information such as total numberof transactions for a particular account and the number of exceptionsmay display. Certification systems may display detailed debt information926, which may provide indication the last credit report update and last(“EAC”) system update. Additionally, information identifying the mostcurrent reporting data source may display 926.

FIG. 9D is an example user interface screen displaying exception detailsfor a collection of related system users. Data accuracy exceptions 932may display information related to exceptions associated with particularaccounts. For example, exceptions may be generated if customers 206 orrequesting systems 204 provide financial account access for accountswhich do not belong to the customers 206. Exception types may displayillustrating a degree of priority of a particular exception. Forexample, “High” exceptions may require action before a particularprocess may initiate. Compliance exceptions 936 may provide informationrelated to specific transactions which may have exceptions, such asprohibited and/or related party transactions. Various details associatedwith a compliance exception may display, such as payee/payer, date,amount, etc. Custom exceptions 936 may also display information relevantto customized rule sequences, such as possible check kiting detection,etc.

FIG. 9E is a user interface screen illustrating one example of aconsolidated electronic account certification report. Asset accountinformation 942 may display current balances, last update, and notifyusers that asset information is not found on credit reports, forexample. Debt account information 944 may display real-time balances andlast update time. Additionally, certification systems 204 may identify acredit report balance and the date in which a credit report balance waslast updated. System default mechanisms may enable utilization of(“EAC”) system debt balance data instead of historical and non-currentcredit report balance data. Summaries of exceptions 946 may beconsolidated with balance information and various types of additionalinformation, such as prohibited and related party transactions, forexample.

FIG. 9F is a user interface screen illustrating one example of real-timetotal financial reporting information. Information may include any typeof financial analysis 952, such as balance sheet, income statement, cashflow, financial ratios, for example. Financial scorecards 954 may beprocessed and may include scorecard information which factors real-timeasset and income information not currently offered by credit scorecards.Risk analysis reports 956 may be available, which may displayinformation such as what-if-scenarios, identity scorecards and behaviorscorecards, for example.

FIG. 9G is a user interface illustrating example certification system204 setting functionality that may display to system administrators andusers. Dispute processing and monitoring 962 may display information andaccess links to disputed information. Certification setting 964 optionsmay provide users means to customize certification logic, such asviewing government rules, user rules, custom rules, and otherinformation relevant information for managing and monitoring accountcertification functionality. Additionally, total financial reportingsetting 966 options may provide users means to customize total financialreporting logic, such as scorecard logic, scoring logic and any othertype of financial analysis relevant to total financial reportingfunctionality.

As described above, certification system 204 data may have manypractical uses in the credit lending and reporting environment. Forexample, certification systems 204 may be used to electronic matchcredit interest of customers 206. Customers 206 may further comprisecredit lenders and credit seekers and customers 206 may define“preferable terms” of credit electronically by defining “interests”which may be stored by the certification system 204. Additionally,certification systems 204 may be used by credit bureaus and offered as“premium” services which customers may “enroll” into via a creditbureaus web site, for example. In yet another example, customers 206 mayprovide authorization to access financial data sources 208 voluntarilyby swiping cards, syncing mobile devices, or inputting information intokey pads or web sites at merchant locations, which transmit requests tocertification systems 204 to authorize or decline credit applications,for example.

FIGS. 10A-10B are flow diagrams illustrating the certification systemused in real-world credit lending, credit reporting, creditauthorization environments. FIG. 10A describes a computer-implementedmethod in which the certification system 204 is used to electronicallymatch credit interest of credit seekers with credit interest of creditlenders. The certification system 204 provides credit lenders real-timetransparency into the credit seekers financial picture and may be usedto improve credit lending risk management and liquidity. A method maystart at block 1002 when the certification system 204 receives at leastone interest from a credit seeker, which may be stored in the processors226. The certification system 204 may also receive at least one interestfrom a credit lender, which may also be stored in the processors 226.Interests received from the credit lenders and credit seeker may define“preferable terms” of credit. For example, a credit seeker may definedwhat credit terms they are searching for and a credit lender may definewhat credit terms they wish to grant, as a function of theelectronically certified financial data output from the certificationsystem.

At block 1006 the certification system outputs at least one electronicaccount certification or total financial report. The electronic accountcertification and total financial reporting information may be used toelectronically identify matching credit seeker and credit lenderinterested based on the information contained in the reports. Forexample, the certification system 204 may output consolidated andelectronically certified enhanced credit reports that contain real-timeasset data consolidated with the historical and incomplete debt accountdata. In this situation, the certification system 204 may alsoelectronically use the historical credit data to electronically obtainreal-time credit data. At block 1010, the certification system 204 mayidentify matching interests and in response to this identification,electronically spawn a new credit, authorization or electronicallyupdate an existing credit authorization.

FIG. 10B describes a computer-implemented method of enhanced creditreporting in which the certification system 204 is used by a creditbureau to electronically consolidate certified asset data withhistorical and incomplete credit reports. At block 1022, a customer maybe identified in one or more ways, such as via data transfer from acredit reporting agency. The certification system 204 may collect acredit report associated with the customer and simultaneously identifydebt accounts and balance dates reported on the credit report (block1024). The information transmitted from the requesting system 202 (inthis case a credit reporting agency) may provide information used by thecertification system 204 to electronically collect and certify financialdata from at least one financial data provider not reported on thecredit file (block 1026). For example, the certification system 204 maybe integrated into a credit reporting agencies web site (e.g.,Equifax.com™) and customers 206 may access the certification system 204as an enhanced service located on the credit reporting agencies website. The certification system 204 may enable the customer 206 toprovide financial account access authorization to the certificationsystem 204 in one or more way, directly from the credit reportingagencies site.

At block 1028, the certification system 204 may electronicallyconsolidate at least a portion of the collected and certified data withdebt data reported on the credit report. The enhanced credit report filemay then be communicated electronically to authorized recipients (block1030). For example, this consolidated enhanced credit report may bestored in a database management system 242 and readily available to oneor more requesting systems 202, such as a merchant credit authorizationservice or any company that needs to access a credit report.

Unless the context clearly requires otherwise, throughout thedescription and the claims, the words “comprise,” “comprising,” and thelike are to be construed in an inclusive sense as opposed to anexclusive or exhaustive sense; that is to say, in a sense of “including,but not limited to.” Words using the singular or plural number alsoinclude the plural or singular number respectively. Additionally, thewords “herein,” “hereunder,” “above,” “below,” and words of similarimport refer to this application as a whole and not to any particularportions of this application. When the word “or” is used in reference toa list of two or more items, that word covers all of the followinginterpretations of the word: any of the items in the list, all of theitems in the list and any combination of the items in the list.

The above description of illustrated embodiments of thecomputer-implemented methods and systems are not intended to beexhaustive or to limit the embodiments to the precise form orinstructions disclosed. While specific embodiments of, and examples for,the system are described herein for illustrative purposes, variousequivalent modifications are possible within the scope of the describedembodiments, as those skilled in the relevant art will recognize.

The elements and acts of the various embodiments described above can becombined to provide further embodiments. These and other changes can bemade to the certification system in light of the above detaileddescription.

In general, in any following claims, the terms used should not beconstrued to limit the described system to the specific embodimentsdisclosed in the specification and the claims, but should be construedto include all operations or processes that operate under the claims.Accordingly, the described system is not limited by the disclosure, butinstead the scope of the recited method is to be determined entirely bythe claims.

What is claimed:
 1. A computer-implemented method for providingcertified financial data indicating financial risk about an individual,comprising: (a) receiving a request for the certified financial data;(b) electronically collecting financial account data about theindividual from at least one financial source, (c) transforming thefinancial account data into a desired format; (d) validating thefinancial account data by applying an algorithm engine to the financialaccount data to identify exceptions, wherein the exceptions indicateincorrect data or financial risk; (e) confirming the exceptions bycollecting additional data and applying the algorithm engine to theadditional data, (f) marking the exceptions as valid exceptions whenoutput of the algorithm engine validates the exceptions; and (g)generating, using a computer, a report from the financial account dataand the valid exceptions, wherein the financial account data comprisesat least one of real-time transaction data, real time balance data,historical transaction data, or historical balance data; and thealgorithm engine identifies a pattern of financial risk; the method iscomputer implemented, and steps (c), (e), and (f) are executed via thecomputer or a series of computers.
 2. The method as claimed in claim 1,wherein the pattern of risk is selected from the group consisting ofnot-sufficient funds instances, direct deposits, deposit transactions,transaction velocity, purchase history, and combinations thereof.
 3. Themethod as claimed in claim 1, wherein the algorithm engine providesindicators of the risk associated with the individual.
 4. The method asclaimed in claim 1, wherein at least a portion of the financial data isreal-time data.
 5. The method as claimed in claim 1, wherein the steps(b) through step (f) are continually updated in real time.
 6. The methodas claimed in claim 1, wherein the financial source is selected from agroup consisting of employers, financial institutions, mortgage lenders,credit card bureaus, credit reporting bureaus, financial aggregators,securities firms, and investment firms.
 7. The method as claimed inclaim 1, further comprising: determining whether the certified financialdata is suitable financial for reporting by comparing the certifiedfinancial data to criteria provided by a requester; and transmitting thecertified financial data to an authorized recipient.
 8. The method asclaimed in claim 1, wherein the confirmation step comprises the stepsof: querying the specific individual for permission to access one of thefinancial sources for additional financial data related the exceptions;requesting authorization to access the additional financial data,wherein the authorization request includes authentication informationassociated with the individual; receiving authorization to access theadditional financial data; collecting the financial data subsequent toreceiving authorization to access the financial data; and applyingalgorithm engine to the additional financial data.
 9. The method asclaimed in claim 1, further comprising electronically collectingfinancial data from one or more financial data providers via one or morecomputer readable media.
 10. The method as claimed in claim 1, whereinthe financial account data comprises at least one of asset data, debtdata, income data, expense data, credit report data, employment data, oridentity data.
 11. The method as claimed in claim 1, whereinelectronically collecting the financial account data comprisesperiodically collecting the financial data, and further comprising thestep of: updating the financial data once the additional financial datais collected; and continuously updating the financial data at aspecified time period.
 12. The method as claimed in claim 1, wherein thefinancial data and the report is not modifiable by the individual. 13.The method as claimed in claim 1, wherein the algorithm engineimplements one or more of rules associated with financial analysis,rules associated with financial reporting, rules associated with riskanalysis, rules associated with risk reporting, and rules associatedwith financial scoring.
 14. The method as claimed in claim 1, whereinthe algorithm engine implements neural networks, genetic algorithms, andpattern matching algorithms.
 15. The method as claimed in claim 1,wherein the individual is a business, organization, or partnership. 16.A computer-implemented method for providing certified financial dataindicating financial risk about an individual, comprising: (a) receivinga request for the certified financial data related to the financial riskof the individual; (b) electronically collecting financial account dataabout the individual from at least one financial source selected from agroup consisting of employers, financial institutions, mortgage lenders,credit card bureaus, credit reporting bureaus, financial aggregators,securities firms, and investment firms, (c) transforming the financialaccount data into a desired format; (d) validating the financial accountdata by applying an algorithm engine to the financial account data toidentify exceptions, wherein the exceptions indicate incorrect data orfinancial risk; (e) confirming the exceptions by collecting additionaldata and applying the algorithm engine to the additional data, (f)marking the exceptions as valid exceptions when output of the algorithmengine validates the exceptions; and (g) generating a report from thefinancial account data and the valid exceptions, wherein the financialaccount data comprises at least one of real-time transaction data, realtime balance data, historical transaction data, or historical balancedata; and the algorithm engine identifies a pattern of financial risk;the algorithm engine provides indicators of the risk associated with theindividual and the method is computer implemented; and steps (c) and (f)are executed via the computer or a series of computers.
 17. The methodas claimed in claim 16, wherein the confirmation step comprises thesteps of: querying the specific individual for permission to access oneof the financial sources for additional financial data related theexceptions; requesting authorization to access the additional financialdata, wherein the authorization request includes authenticationinformation associated with the individual; receiving authorization toaccess the additional financial data; collecting the financial datasubsequent to receiving authorization to access the financial data; andapplying algorithm engine to the additional financial data.
 18. Themethod as claimed in claim 17, wherein the algorithm engine implementsone or more of rules associated with financial analysis, rulesassociated with financial reporting, rules associated with riskanalysis, rules associated with risk reporting, and rules associatedwith financial scoring.